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1、key concepts in marketingmaureen castillodyna enadcarelle trisha espitalethel silvawhat is marketing?nmarketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.productsmarketsneeds, wants
2、& demandsvalue, satisfaction& qualityexchange, transactions& relationshipsneeds, wants and demandsnneedqstates of felt deprivation.qphysical, social and individual needs.nwantsqthe form taken by human needs as they are shaped by culture and individual personality.ndemandsqhuman wants tha
3、t are backed by buying power.productsqanything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. it includes physical objects, services, persons, places, organizations, and ideas.value, satisfaction & qualityncustomer valueqthe dif
4、ference between the values the customer gains from owning and using a product and the cost of obtaining the product.ncustomer satisfactionqthe extent to which a products perceived performance matches a buyers expectations. ntotal quality management (tqm)qprograms designed to constantly improve the q
5、uality of products, services, and marketing process.exchange, transactions & relationshipsnexchangeqthe act of obtaining a desired object from someone by offering something in return.ntransactionqa trade between two parties that involves at least two things of value, agreed-upon conditions, a ti
6、me of agreement, and a place of agreement.nrelationship marketingqthe process of creating, maintaining and enhancing strong, value-laden relationships with customers and other stakeholders.marketqthe set of all actual and potential buyers of a product or service.nmarketplace physical, as when one go
7、es shopping in a storenmarketspace is digital, as when one goes shopping on the internetnmetamarket used to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.structure of flows in a modern ex
8、change economymarketingqmeans managing markets to bring about exchanges for the purpose of satisfying human needs and wants.qprocess by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.main actors and forces in a modern market
9、ing systemsupplierscompany(marketer)competitorsmarketingintermediariesend usermarketother key conceptsmarketers and prospectsa marketer is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the prospect.marketing channelsncommunication channelsqdeliver
10、and receive messages from target buyers, and include newspapers, magazines, etcndistribution channelsqused to display, sell or deliver the physical product or service(s) to the buyer or user.nservice channelsqused to carry out transactions with potential buyers.supply chainqdescribes a longer channe
11、l stretching from raw materials to components to final products that are carried to final buyers.competitionqincludes all the actual and potential rival offerings and substitutes that a buyer might consider.four levels:qbrand competitionqindustry competitionqform competitionqgeneric competitionmarke
12、ting environmentntask environmentqincludes the immediate actors involved in producing, distributing, and promoting the offering.nbroad environmentqconsists of components which contain forces that can have a major impact on the actors in the task environmentmarketing programnmarketing program consist
13、s of numerous decisions on the mix of marketing tools to usenmarketing mix set of marketing tools the firm uses to pursue its marketing objectives in the target marketmarketing managementqthe analysis, planning, implementation, and control of programs designed to create, build, and maintain benefici
14、al exchanges with target buyers for the purpose of achieving organizational objectives. qinvolves:ndemand management qdemarketing - marketing to reduce demand temporarily or permanently the aim is not to destroy demand, but only to reduce or shift it.ncustomer relationship managementmarketing manage
15、ment processnsituation analysisneconomic environmentqstate of macro-economy and changes in it also bring marketing opportunities and constraintsqexamples factors of high inflation and unemployment levelschanges in technologymarketing management processnsituation analysisnsocial environmentqincludes
16、general cultural and social traditions, norms and attitudesqas values change, change brings the need for new products and servicespublic demand for a cleaner environmentmarketing management processnsituation analysisnpolitical environmentqincludes attitudes and reactions of the general public, socia
17、l and business criticsnlegal environmentqincludes federal, state and local legislation directed at protecting both business competition and consumer rights.deregulation marketing management processnmarketing planningnestablishing objectivesqprovides the framework for the marketing plannselecting the
18、 target marketqwhat do customers want?qwhat must be done to satisfy these wants or needs?qwhat is the size of the market?qwhat is its growth profile?ndeveloping the marketing mixqcontrollable variables: product, price, promotion and place (channels of distribution), must be managed to satisfy target
19、 market and achieve objectivesmarketing management processnimplementation and controlqimplementingnputting the plan into action and performing marketing tasks according to predefined schedulenmarketing executives must closely monitor and coordinate implementation of the planqcontrollingnresults are measurednresults are compared with objectivesndecisions are made on whether the plan is ach
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